India-based business-to-business (B2B) software as a service (SaaS) fintech company Perfios has secured a funding of $80m from Teachers’ Venture Growth (TVG), the late-stage venture and growth investment arm of Canada’s Ontario Teachers’ Pension Plan.
Established in 2008, Perfios serves the banking, financial services, and insurance sector in 18 countries.
The company’s software platforms and products are said to help financial institutions to make significant strides by shaping their origination, onboarding, decisioning, underwriting, and monitoring processes at scale and speed.
Perfios is also said to deliver 8.2 billion data points to banks and financial institutions every year to enable quicker decisioning.
The firm also processes 1.7 billion transactions annually with assets under management of $36bn.
According to Ontario Teachers’ Pension Plan, Perfios is in line with Teachers’ Venture Growth’s approach of investing behind capable management teams that use technology to develop a compelling value proposition and position, both in terms of customer penetration and product offering.
Teachers’ Venture Growth in Asia senior managing director and head Kelvin Yu said: “Perfios continues to invest behind its market-leading tech stack, adding new use cases that enable the company to be the trusted partner of choice to leading financial institutions globally.”
Teachers’ Venture Growth’s investment will enable Perfios to continue its international expansion as well as to bolster its global footprint along with utilising the funds towards exploring inorganic growth opportunities.
The B2B SaaS fintech company also plans to invest in its extensive tech stack to drive the end-to-end customer journeys across banking, insurance, and embedded commerce.
Perfios CEO Sabyasachi Goswami said: “This investment will further help us in strengthening the digital transformation journey of our partners, thereby powering financial inclusion and providing access to financial services to billions across the globe.”